Competition in the market

[kawasakirider]

Hey everyone, for the past few months I've been working on starting my first company. I've had a few slow-lane businesses in the past as I prefer working for myself, but this has been the first fastlane business I have committed to.

So here's where I'm at:

I came up with the idea, searched as much as I could and couldn't find anything exactly like my idea. Similar, but not the same market and the exact same service (my site will be offering a service).

I refined the idea over and over again

Got interest in it

Gathered some capital (as well as sank all of my money into it) from investors

Put a team together to bring it to life and went about doing everything necessary to get it set up legally (domain names, company name, set up by accountant, etc).

Now it's at the stage where it's almost ready to go live and in the past 2 months, I've come across 2 major competitors that are offering a similar thing to my idea. They have obscure names and I guess I missed them (rookie error, I know).

Now, these 2 major competitors are absolutely cleaning up, so the idea is even more validated in my mind, which is a plus.

The thing I'm worried about is how to go about surviving and building a client base against them? Do you guys have any tips?

The good thing is, the type of service I'm offering isn't the type where a client would necessarily overlook being signed up with multiple companies simultaneously.

Any advice would be greatly appreciated.

 

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[nomeus]

The thing I'm worried about is how to go about surviving and building a client base against them?

Losers concentrates on winners while winners concentrates on winning. Don't worry about the things you can't control. Worry about what you can control - YOUR product! If your product is not any different or better, then improve it or find another product. If your product is much improved version of their product, then customers will come!

 

[kawasakirider]

Thanks mate, I agree with you entirely.

I have actually found it inspiring that these two huge companies have come onto my radar, as it further validates my idea.

Also, I will note that my service is a lot cheaper than the other options. Not that being cheap is necessarily a good strategy all the time, but I think being considerably cheaper and still offering a fantastic service won't go astray.

 

[AustinS28]

Losers concentrates on winners while winners concentrates on winning. Don't worry about the things you can't control. Worry about what you can control - YOUR product! If your product is not any different or better, then improve it or find another product. If your product is much improved version of their product, then customers will come!

I like that a lot.

Competition can only make your business better if you don't let it defeat you.

 

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[Don Purdum]

Here is the hard core reality; it's good you're aware but who you shouldn't be consumed by your competition. It's a waste of both emotional and physical energy. Anything worth pursuing will have competition.

The question you ought to really be asking is how do you seperate yourself from your competition. The truth is not everyone ought to or wants to work with them and the same will be true of you.

Your job in your marketing is to establish your uniqueness and attract those who are able, willing and ready to buy from you because they are attracted to your message.

Messaging is the #1 issue you have...

Please allow me to explain and then I'll share you you can create a message that will separate you from your competition.

In a recent IBM survey, 80% of respondents said that businesses are just not relevant to their needs, wants, desires or problems.
In the B2B Web Usability Report respondents stated the #1 reason they leave a website immediately is due to a lack of message.

If you're seeing the issue, the majority of businesses are spending their resources talking about themselves, their products and services and trying to sell over talking specifically to one person, with one problem/need/desire and offering one solution.

Your goal is to get 20% or more of your audience to relate to you so well that they say "OMG, how did he know...?"

When you are specific and relevant your audience knows why they ought to buy from you.

Now, he do we create that message?

By answering these questions:

1. What are the "specific" problems you are passionate about solving? (This is vital and where they relate to you the most)
2. What are the tangible values your customers experience and how they feel about the experience? (This is why they need you and is all about them)
3. What are the "specific" problems you solve for each tangible value?
4. Who are you "specifically" solving each problem for (in detail)?
5. How is your product or service is "a" part of "a" solution?

If you do this well, you want have to worry about your competition because you'll be busy serving your customers because you know who they are, what they need and want and who they specifically are.

This is a lot of work!

If you want to learn more, you can check out my site at <link removed by moderators. Thanks for posting. Keep adding value and people will ask for more.>

 

[marklov]

Competitors in a market can be a good sign...heck I sell in probably one of the most "saturated" markets because money is being spent and I use saturated for a lack of a better word atm....

However, by trial and error I found a market that is pretty much underserved and it was like
printing money with every call I made, researched the characteristics of this market and
applied it to my prospecting and dozens of other underserved markets popped up.

Best bet i'm licking my chops

"If your not first then be the best"

Is how I think the saying goes.

Gotta say I rather being first!

 

[obrian]

don't worry about the competition simple!. carve out a niche for yourself self in the market and grow on that when you have a niche and a few loyal customers at first where they really find your product useful they will be the sales people for you by telling everyone how awesome your product really is.

you should already know:

1.who are you as a company.
2.what do you do.
3.why does it matter.

your customers is what you should be focusing on and make them happy.make your competitors deal with their stuff and make sure that you have alot of barriers to entry so that your competitors cannot invade your niche and take it over.when you get those stuff checked off and when you monopolize your niche and your ambitious enough might as well go into other niches and take them over as well lol.it's business you better be a shark start small and expand.

 

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[kawasakirider]

Hey everyone, I'd just like to say thank you very much for all the replies.

The competition made me feel better about the idea as a concept, as it further validates it. I'll just stop worrying about competitors trying to crush me and do my best to make my service stand out.

Obrian, exactly mate. Those three very pertinent points have been honed down and refined over and over again over the last 8 months or so and I will continue to refine them on a constant basis to meet my clients needs.

Thanks everyone!